Inside the Iran Conflict: How the Battle for Hormuz Is Reshaping the Global Economy

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The conflict in the Middle East began on February 28, 2026 with a joint attack by the United States and Israel on Iranian nuclear facilities. Iran responded by closing the Strait of Hormuz, firing the price of crude oil and leaving about 2,000 ships stranded. After 39 days of hostilities, a ceasefire came into effect on April 8 mediated by Pakistan. Despite the truce, naval clashes in the Strait have not ceased with the two sides.